Single-family home sales down 20.5 percent on a year-over-year basis.
PEABODY, July 25, 2023 – Sales activity for both single-family homes and condominiums declined in June on a year-over-year basis, as median sale prices reached new all-time highs, according to a new report from The Warren Group, a leading provider of national real estate and transaction data.
|MA Single-Family Homes||June 2022||June 2023||% Change
|Single-Family Home Sales||6,297||5,004||-20.5%|
|YTD Single-Family Sales||24,720||18,706||-24.3%|
|Median Single-Family Home Price||$606,006||$612,250||1.0%|
|YTD Median Single-Family Home Price||$550,000||$555,000||0.9%|
Last month, there were 5,004 single-family home sales in Massachusetts, a 20.5 percent decrease from June 2022 when there were 6,297 transactions. Meanwhile, the median single-family sale price increased 1 percent on a year-over-year basis to $612,250, a new record for single-family homes.
“Despite interest rates nearly double what they were this time last year, the Massachusetts single-family housing market broke another record in June,” said Cassidy Norton, Associate Publisher and Media Relations Director of The Warren Group. “Last month, the median sale price of $612,250 marked a new all-time high for single-family homes. Just three years ago, single-family home sale monthly median prices were consistently below $500,000 and interest rates were hovering around three percent. Single-family homes in Massachusetts have never been less affordable.”
Year-to-date, there have been 18,706 single-family home sales in Massachusetts, a 24.3 percent decrease from the first six months of 2022. Meanwhile, the year-to-date median single family home price increased 0.9 percent on the same basis to $555,000.
|MA Condominiums||June 2022||June 2023||% Change
|YTD Condominium Sales||12,282||9,432||-23.2%|
|Median Condominium Price||$535,000||$545,000||1.9%|
|YTD Median Condominium Price||$499,000||$510,000||2.2%|
There were 2,372 condominium sales in June 2023, compared to 2,765 in June 2022 – a 14.2 percent decrease. Meanwhile, the median sale price increased 1.9 percent on a year-over-year basis to $545,000, up from $535,000 in June 2022, marking a new all-time high for the statewide median condo price.
“Condos followed similar trends to single-family homes last month,” Norton added. “The median sale price of $545,000 also marked a new all-time high. Historically, condos have been a more affordable alternative to single-family homes, but that’s no longer necessarily the case.”
Year-to-date, there have been 9,432 condo sales, a 23.2 percent decrease from the first six months of 2022 with a median sale price of $510,000, a 2.2 percent increase on the same basis.
Greater Boston Single-Family Home and Condo Markets
Included in this release is an overview of activity in the Greater Boston housing market. This analysis encompasses the 139 towns located within 495. Click here for a full list of the communities included in the analysis.
|June 2022||June 2023||% Change
|Single-Family Home Sales||3,331||2,556||-23.3%|
|YTD Single-Family Sales||12,105||9,034||-25.4%|
|Median Single-Family Home Price||$750,000||$765,000||2.0%|
|YTD Median Single-Family Home Price||$700,000||$700,000||0.0%|
There were 3,331 single-family home sales in the Greater Boston housing market in June 2023, which marked a 23.3 percent decrease from June 2022 when there were 3,331 transactions. Meanwhile, the median single-family sale price increased 2.0 percent on a year-over-year basis to $765,000.
|Greater Boston Condominiums||June 2022||June 2023||% Change
|YTD Condominium Sales||8,938||6,882||-23.0%|
|Median Condominium Price||$620,000||$635,000||2.4%|
|YTD Median Condominium Price||$590,000||$599,900||1.7%|
In June, there were 1,743 condo sales, down from 2,088 sales in June 2022, marking a 16.5 percent decrease on a year-over-year basis. Meanwhile, the median condo price increased 2.4 percent on the same basis to $635,000, down from $620,000 a year earlier.
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